CBN predicts slight reduction in Nigeria's external reserves in 2024 due to debt service, but cushioned by oil earnings and reforms.
The Central Bank of Nigeria (CBN) predicts a slight reduction in Nigeria's external reserves in 2024, mainly due to debt service and other obligations. The decline is expected to be cushioned by improvements in crude oil earnings and recent reforms in the foreign exchange market and energy sector. Despite the projected drop, Nigeria's foreign reserves have recently increased to $35.77bn, up from $33.09bn in 2023.
July 19, 2024
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